S&P 500 Emini Day Trading Gap Wednesday January 13, 2010

                                  S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Wednesday January 13, 2010

S&P Emini 500 Futures gapped down 7.75 points this morning.  The gap never filled and is the first overhead gap in quite a few weeks.  Seven unfilled gaps lie beneath the current price range, and leaves open the possibility of a correction to those levels.  Today's down market on good volume is a clue as to longer term direction.   Prices are coming off of overbought conditions in all time frames.  Look for initial testing of the 1100 level if declines continue on heavy volume.  If prices turn back to the upside, look for a test of 1150.  A break above that level on volume would indicate a continuation of the up trend.  For day traders, the return of volatility to the market is welcome.

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Trading opened today at 1134.25, down 3.25 points from Thursday's close. Prices traded to a low of 1132.00, then turned and started to move up from there. Prices floated up to a high of 1141.75 moments before close, then closed trading for the weekend at 1141.50. The day's range was 9.75 points while the gap at 1137.50 was filled.

Watching for a possible touch back to the 1135 area, then 1130.50 with an extreme low of 1125.25. For the upside we could see a push up as high as the 1150 area however with out a large increase in volume this would be unlikely.

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S&P 500 Day Trading Course Gap For Jan 8, 2010 Learn How to Trade

Prices opened at 1130.75, down 2 points in the overnight. Trading hit a low of 1127.50 shortly after opened then turned and maintained some direction for the rest of the day, hitting a high of 1138.75 minutes before close. Prices closed the day at 1137.75, up 5 points from previous day's close and traded a 11.25 point range for the day.

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